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In early February, self-sovereign identity FinTech CULedger announced that is has rebranded its digital identity solution, MyCUID, to MemberPass. Some of our readers may be aware that we are an investor of CULedger (check out our interview with CULedger CEO here). “CU Service Network feels strongly about authentication which is why we previously invested in CULedger,” says Doug Burke, President/CEO of CU Service Network. “We are excited about their progress and wanted to share some recent news and their changes. We believe their new MemberPass name should be more universally accepted by credit union members.” Below is CULedger’s press release.
CULedger, a credit union service organization (CUSO) that delivers a trusted, peer-to-peer services network of verifiable digital exchange for credit unions, unveiled a new name for their flagship digital identity solution, now known as MemberPass™.
MemberPass, formerly known as MyCUID, is the first KYC-backed digital credential that members own and control and is the simplest, most secure way for credit unions to connect with and verify their members’ identity, and vice versa.
Barclaycard predicts that by 2022, 40% of all customer interactions will be based on decentralized identity, further demonstrating the need for credit unions to provide members with access to an incorruptible, indisputable form of identification. Credit unions are currently leveraging MemberPass to expedite authentication across all channels, remove friction from the member experience and decrease fraud. As integration and adoption continue, CULedger anticipates credit unions will experience lower compliance costs, reduced risk of data breaches and be able to seamlessly incorporate MemberPass into new channels.
The unique privacy-first design creates a competitive advantage for credit unions by allowing members to have one single digital credential that is both portable and interoperable. CULedger’s long-term goal is to enable members to use their MemberPass identification to verify who they are with other highly regulated institutions, including in government and healthcare. Additionally, MemberPass can help deepen the level of trust between credit unions and their members by giving members full control over their data, reducing the risk of identity theft and eliminating the need for a centralized username and password.
“MemberPass represents the next generation of privacy-based business solutions that we are developing,” said Julie Esser, chief experience officer of CULedger. “Our technology enables credit unions to accommodate their members’ needs in an innovative, modern way while ensuring their information remains safe. The new branding demonstrates members’ ability to utilize their MemberPass outside of the branch and transition a historically physical, risky interaction – identity verification – to a secure, private, digital method.”
The MemberPass brand also represents an expanded capability beyond decentralized verification that CULedger has made available to credit unions and their members. These capabilities include shared KYC across all credit unions on the network, allowing peer-to-peer credential exchange between credit unions and the ability for members to seamlessly transact across participating credit unions. Other future use-cases include streamlined cross-border transactions and auto lending.
“By offering MemberPass, we will be giving our members access to the most secure way of accessing personal records that has ever been offered,” said Ron Amstutz, Executive Vice President of Desert Financial Credit Union. “Members will have the ability to use their own personal information and biometrics to ensure their identity is legitimate and safe from hackers and fraud. This information is then broken down and encrypted over a series of different computers, allowing the member complete control of their ID and who can access it.”